Apple’s Tim Cook to donate his wealth (after paying his nephew’s college fees)

Apple CEO Tim Cook holds an iPad during a presentation at Apple headquarters in Cupertino, Calif. Oct. 16, 2014. (REUTERS/Robert Galbraith)

Apple boss Tim Cook has joined the growing band of super-rich people pledging to give away their wealth before they die.

In a recent profile piece for Fortune magazine, Cook said that as far as personal finance goes, he wants first to take care of his 10-year-old nephew’s college fees, though that shouldn’t make too much of a dent in his estimated fortune of $785 million, current stock value included.

The Apple CEO told Fortune he’s already made a number of donations to various philanthropic projects, adding that in the future he intends to make more contributions though in a more systematic fashion.

Just months after taking over from Steve Jobs in 2011, Cook demonstrated his interest in charitable causes when he set up a matching gift program for donations made by Apple employees.

The scheme promises that whenever an Apple employee donates money to a non-profit organization, the tech company will equal the donation by up to $10,000 annually.

Cook’s pledge to donate his accumulated wealth to good causes follows similar moves by other big names in the tech business. Microsoft co-founder Bill Gates, for example, has been doing his level best to get rid of his billions, while Facebook boss Mark Zuckerberg has also given away a decent chunk of his personal fortune to date, including $25 million last year to help combat Ebola.

“Grants like this directly help the frontline responders in their heroic work,” Zuckerberg said at the time, adding, “We are hopeful this will help save lives and get this outbreak under control.”

‘Giving Pledge’

Both Gates and Zuckerberg have signed up to business magnate Warren Buffett’s Giving Pledge promise, a “a commitment by the world’s wealthiest individuals and families to dedicate the majority of their wealth to philanthropy.”

Facebook’s Sheryl Sandberg, Virgin’s Richard Branson, and SpaceX founder Elon Musk have also signed up.